Uber Technologies Inc. said it sees ride-hailing demand recovering faster than driver availability as Covid-19 vaccination rates increase in the U.S.
The company on Monday said gross bookings for March rose to the highest monthly level in Uber’s nearly 12-year history. Uber’s mobility business, which includes ride-hailing, had its best month since March 2020, it said.
Uber overhauled its business during the health crisis, cutting about a quarter of its staff and shedding noncore businesses, among other moves, leading it to save $1 billion in fixed expenses last year.
The company said demand also continued to exceed courier availability for its meal-delivery business. The delivery business, combined with cost cuts, helped cushion the pandemic’s hit on Uber’s core ride-hailing operations during the pandemic, and the company posted a narrower full-year loss in February.
Uber said it is on track to reach profitability this year in quarterly adjusted earnings before interest, taxes, depreciation and amortization. The company earlier this month said it was spending $250 million in bonuses in an effort to boost driver availability in the near term.
